The Real Deal Miami

Downtown Boca land set for apartment project after sale

5.8-acre property located one-half mile from the ocean fetches $22M
August 29, 2014 12:00PM

Troy Ballard

Troy Ballard

A downtown Boca Raton development site was acquired for more than $22 million.

The 5.8-acre property at 300 East Palmetto Park Road is ripe for a large multifamily project, according to the Boca Raton office of Atlanta-based ARA, which arranged the transaction. ARA did not disclose the buyer in Friday’s written statement. The parcel is only a half-mile from the ocean.

Palm Beach County has not recorded the sale.

ARA South Florida Land Division senior vice president Troy Ballard was the lead advisor for the seller. He was assisted by ARA principals Hampton Beebe, Richard Donnellan and Avery Klann.

The property “is walkable to everything in downtown Boca Raton,” Ballard said. “Restaurants, retail, entertainment and even the beach is only a short stroll away.” — Eric Kalis